Digital Knowledge - Is Your Board of Directors Keeping Up?

[This article was contributed by Fay Feeney, CEO of Risk for Good]

Social media accounts for 22.5 percent of the time that Americans spend online, according to "State of the Media: The Social Media Report." This is compared with 9.8 percent for online games and 7.6 percent for e-mail. You can read more in the NY Times.

This is a voluntary opportunity for you to keep your board current and relevant. If you’re waiting for a regulatory push to get your boardroom thinking digitally, you may not be ready to take action and learn what is happening 24/7 on computers and mobile devices around the world.

Here are some statistics about digital connectivity to help you consider moving this up as a priority. Digital knowledge leads to opportunities for companies to grow, reach and help their customers, employees, investors and stakeholders. Are your business revenues connected to connectivity in Asia? Has digital connectivity impacted new patterns in:

• Consumer and supply chain behavior?
• Operating model innovations?
• Security and transparency issues?

Connectivity in Asia
The growth in mobile Internet usage is outpacing the rest of the world:

• 45% of metro Chinese are online via a mobile device at least monthly, up 21% from 2010
• 11% of metro Indians access the mobile net monthly, up from just 1% in 2010.
• Japan saw the biggest jump in mobile Internet usage: 57% of adults now have access, up 24% from last year.

So what now?
Are you challenging yourself to look beyond the status quo, to understand how changes are disrupting your business? Is your board doing the same or are they operating in the old twentieth-century mode? Your business is being challenged to expand communications, challenged to attend to shareholder concerns, challenged address issues of trust, challenged take on new technologies (cloud, social media) and much more. You should take the opportunity to push your board to think digitally. Doing so will allow you to succeed in, and meet the needs of, the twenty-first century.

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This article is the second in a series contributed by Fay Feeney, CEO of Risk for Good. Risk for Good helps board chairs and lead directors navigate the disruption to their business from a social, mobile and global world.

Today’s minefields can cost your company: time, money and goodwill. Risk for Good works with your board to evaluate your exposure and leverage the opportunity from: social media, corporate social responsibility, sustainability, board composition, succession and the multitude of other areas where your board needs to manage emerging risk.

Modern boardrooms address these questions before others demand a “comply or explain” response. We use the quiet in our client’s boardroom to prepare thoughtful answers to today’s tough business questions.

If you are interested in contacting Ms. Feeney, you may do so through this blog or the Risk for Good website.